June 28, 2022
Are you a busy entrepreneur running a Shopify eCommerce business and looking for a way to properly manage your inventory? You want to keep track of how much stock you have left to avoid creating overstock and understock but don't know where to start. Don't worry; we've got you covered up! We have curated a review list of the 7 best inventory management apps for Shopify you can find in 2022.
We shortlisted these apps after analyzing their ratings, reviews, special features, UI/UX, support, and pricing. These apps will help you in planning the buying, storing, and selling of stocks to make sure you have the right amount of supplies available and avoid unnecessary cash burn.
Now, let's get started with learning more about the inventory management.👇
Inventory management is the process of planning the acquiring, storing, and selling of stocks through different platforms to ensure there are enough goods and materials available to meet the demand. The aim of inventory management is to properly track stocks (whether it's raw materials, parts, or finished goods) to avoid overstocking or understocking and save cash. This also helps you predict how much stock of each item you will require based on your sales.
To run your business successfully and profitably, having accurate inventory management is a must. Apart from avoiding stock errors and other problems, inventory management has a lot of other benefits. Here are some:
Visualize booking a gadget, and when you walk to the check-in counter, you're being informed that the gadget was overbooked. You can't get the gadget. For a customer who paid for the product, it's a horrible experience. Overselling can massively damage your customer relations, business reputation, and whatnot.
With inventory management, you can track what items are in-stock and display their status on your distribution channels to avoid any backlash.
Inventory management helps you to better plan your inventory and minimize overstocking and stockouts.
This system helps you to properly track and predict the demand during different times of the year.
With tracking and controlling, you will be able to predict trends and track expiry dates or recalled items.
Having excess stock in your inventory than the demand costs money. Having a better understanding of both availability and demand leads to increased profits.
By properly tracking your stocks, you run your warehouse more efficiently and simultaneously save time. Not only do you avoid unnecessary activities, but these solutions also increase your productivity.
Giving your customers the satisfaction of getting their orders on time enhances their shopping experience and makes them loyal to you.
Here are the tips to effectively manage your inventory and increase profits:
Experts suggest segregating your inventory into 3 categories, namely A, B, and C. Items in the A category are high-ticket items that drive the most profit to your business. Items in the B category are less expensive or utilized raw materials that don't sell much often or don't drive high margins. Lastly, items in the C category are lower-cost items that sell more quickly than the A and B groups.
Record all the product information for products in your inventory. This includes barcode data, suppliers, lot numbers, country of origin, and SKUs. Make sure to keep track of costs over time to stay updated about factors that may affect the cost.
Position inventory stock that moves faster in a manner that is easy to move and the inventory which moves slowly can be stored at last. To efficiently sort and store your inventory, you need to understand characteristics like the cost, maximum and minimum order quantities, lead time, and size.
As a general rule, for most businesses, 80% of the profits come from 20% of their stocks. It does not mean that you should not focus on the 80% but rather make sure that this 20% stock meets its full potential.
To avoid any inconvenience and misplacement, make sure all your staff follows a standard procedure to process the incoming inventory. Properly following the standardized steps like verifying the boxes, counting the number, and inspecting could save you from trouble.
by Edgewise Technologies Pvt Ltd
This app comes with advanced inventory management features like automatic purchase and transfer of orders, tracking expiry dates, lot numbers, serial numbers, and managing stocks across multiple locations. It integrates with over 50 sales channels and lets you synchronize your inventory across all these channels. It also offers built-in reporting, shipping, accounting, tracking profits, manufacturing, API access & kitting.
This Shopify software makes fulfillment more efficient by using stock takes, and pick packs. The app gives you enterprise-level warehouse management capabilities like detailed sales, profits, and cost reports along with demand forecasting, syncing revenue and cost with accounting apps. With its multi-channel sales ability, you can manage multiple Shopify stores from a single place.
Price: The app is free to install, but you will be charged $0.49/order.
This app lets you manage your inventory and shipping for the mere price of a shipping app. With this, you can prevent overselling by syncing your inventory and order flow in real-time across Shopify, Amazon, eBay, and more than 20 integrations. You can swiftly bulk ship across more than 20 carriers with discounted prices, accurately pick with scanners and automate repetitive tasks.
With this Shopify inventory integration, you can create kits and bundles, get alerts for low stocks, audit stock history, sync returned stocks, and process refunds. You can easily integrate this with your current shipping software or simply use its built-in shipping functionalities for better management. It can also help you do bulk label printing with one click, set commercial shipping rates, stop missing cut-offs, and much more.
Price: Plans are as follows: ACCELERATOR ($10/month), HIGH GROWTH ($25/month), and PREMIUM ($45/month). A 30-day free trial is also available.
As an entrepreneur, you are always running short of time, you want to save time for higher priority tasks, and automating accounting is the best way to start. This app lets you automate accounting by tracking income, and expenses, and maximizing tax deductions. With its multichannel sales abilities, you can track and fulfill orders from all of your online sales channels on a single platform.
You can avoid running out of stock by managing inventory across multiple sales channels and warehouse locations in real-time. You can automatically sync your Shopify orders with this app and route and fulfill them. It also updates the stock levels across sales channels after the order gets shipped.
Price: Plans are as follows: COMMERCE ADD-ON ($35/month), and QBO + COMMERCE ($70/month). No free trial is available.
Effortlessly do inventory and order management for your eCommerce store. Integrate all your items, sales channels, and fulfillment centers in one place. Automatically generate POs, find the best shipping, and new ways for higher savings and profits. Get in-depth data on every single SKU and operation for better margins, bottom-line profitability, and organizational efficiency.
Connect and import your orders from every sales channel, including marketplaces, retailers, POS systems, and online shopping carts. Automatically route your orders to third-party fulfillment centers and print shipping labels from every major carrier. With strong allocation rules for inventory management, you can prevent overselling, market suspension, and negative reviews.
Price: SKUBANA SOFTWARE ($1000/month). No free trial.
by Katana Inventory Management
This app lets you do live inventory management and gain total control over your stocks with live inventory data. With its real-time master planner, you can optimize your production scheduling, and planning, and also assign tasks, and track operations from one platform. Ensure industry compliance and visibility while tracking inventory with its lot and batch tracking capabilities.
Being one of the best Shopify inventory management apps, it lets you set up inventory and sync stock across all Shopify stores for accurate stock quantities. With its omnichannel order management capabilities, you can manage your make-to-order and make-to-stock workflows. This fulfillment software also supports e-commerce and B2B operations and is easily integrated with CRM and e-commerce tools for smooth order fulfillment.
Price: ESSENTIAL PLAN ($99/month), ADVANCED PLAN ($299/month), and PROFESSIONAL PLAN ($799/month). A 14-day free trial is also available.
by Inventory Planner
This app lets you create purchase orders and save time on buying. You can include case sizes, vendor minimums, and other supplier-specific information. With data-driven recommendations, you can maximize your profits by ensuring you have inventory when and where your clients want it. Its Open-to-Buy (OTB) planning feature allows you to create a purchasing budget and plan cash flow.
You can also compare brands, item lines, and suppliers to understand financial trends in your business. It enables you to identify stock overflows, so you can free some required cash. To help you avoid running out of stock, this app lets you set email alerts for your entire store or individual products.
Price: $119.99/month. A 14-day free trial is also available.
List your Shopify products in bulk on popular marketplaces like Walmart, and Amazon, and easily reach new customers. To help you avoid making false promises and get rid of overselling, it automatically syncs and adjusts your inventory. After you install the app, it automatically imports your Shopify products.
This Shopify inventory management integration lets you bulk list your products within seconds. Changes made to your Shopify items get quickly updated on Sellbrite and are pushed to the marketplaces. To avoid duplicate FBA order shipments, this app keeps your FBA orders out of it. You can connect this app with marketplaces like Amazon, Walmart, eBay, Etsy, and more.
Price: Plans are as follows: FOREVER FREE (FREE), PRO 100 ($19/month), PRO 500 ($59/month), and PRO 2000 ($99/month). You also get a 30-day free trial.
In order to take your Shopify eCommerce business to new heights, you need to focus on all pillars of your business. A solid business and marketing strategy won't do any good if you fail to properly implement it on the ground. Inventory management \is one of those pillars and the most crucial one. With proper inventory management, you get data-driven insights about your inventory, predict demand, prevent understocking and overstocking, and most importantly, get rid of overselling. With this, you also increase your customer shopping experience and start attracting more new customers.
The above-mentioned 7 best inventory management apps for Shopify tick mark all the properties which are essential for efficiently managing your inventory. Hope this review blog helped you to get an idea of which app you should go for.
If you think we missed any superb inventory management app which was worth mentioning, you can mail 📧 us at firstname.lastname@example.org. Furthermore, don't forget to subscribe to our newsletter for more informational content on Shopify's online store growth.
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